Digital Transaction Management Market Set to Witness an Uptick during 2019 to 20

Posted by Mrudula Karmarkar on December 31st, 2021

The global digital transaction management market size is expected to reach USD 15,726.0 million by 2025, registering a CAGR of 19.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing internet penetration and the growing popularity of digital transactions are expected to trigger the demand for digital transaction management (DTM) solutions over the forecast period. The growing adoption of digital payment modes is also expected to drive the demand for DTM solutions.

The continued digitization of transaction management processes is emerging as one of the key drivers of market growth. As such, the growing adoption of DTM solutions, particularly by BFSI companies and government agencies, to streamline the business processes, is expected to drive the demand for DTM solutions. Adoption of latest technologies, such as Blockchain, Internet of Things (IoT), and Big Data, coupled with the proliferation of cloud services is also expected to play a crucial role in boosting the demand for DTM solutions.

The emergence of workflow automation is emerging as another major factor driving the market growth. Several organizations are aggressively adopting DTM solutions to automate workflows and digitize the repetitive, manual, and paper-intensive processes. Workflow automation solutions can potentially help in avoiding delays, reducing errors, controlling administration costs, and ensuring regulatory compliance.

DTM solutions, such as document archival and electronic signatures, are helping several small- and medium-sized enterprises in managing their documents and digital transactions securely and effectively. DTM solutions are particularly allowing enterprises to reduce administration costs and boost organizational productivity. Such benefits are encouraging more and more businesses around the globe to invest in DTM solutions.

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The continued adoption of digital solutions for management and automation of business and transaction management processes is expected to drive the market growth over the forecast period. Organizations are eliminating paperwork and other conventional approaches and switching to digital solutions for regular business activities, such as document archival, authentication, threat intelligence, and other transaction management activities, among others. Increasing internet penetration is particularly encouraging organizations to adopt DTM solutions. The growing popularity of digital payment modes is also anticipated to fuel the demand for DTM solutions.

Digital Transaction Management Market Report Highlights

• The workflow automation solution segment is expected to exhibit the highest CAGR exceeding 21% over the forecast period
• In the U.K., the government is primarily focused on shifting from conventional document management to digital technologies for organizing and managing the paperwork digitally
• Growing cyberattacks and risks associated with fraudulent digital transactions are expected to impede the growth of the market over the forecast period
• The BFSI segment dominated the market in 2018 while the government segment is anticipated to witness the fastest growth over the forecast period
• Asia Pacific is expected to emerge as the fastest-growing regional DTM market owing to the high internet penetration and population density existing in emerging economies, such as China and India
• Key players active in the digital transaction management market include Adobe, DocuSign Inc., OneSpan, Kofax Inc., and Entrust Datacard Corporation.

Market players are expanding the capabilities of DTM solutions by adding various innovative features to their solutions. Such features may include seamless document generation, automatic reminders, configurable workflows, and automated tracking, among others. Market players are also emphasizing on developing DTM solutions complying with various government regulations, global security standards, and auditing agreements, among others, particularly in line with the evolving requirements of BFSI companies and government agencies. As a result, the market is turning out to be highly competitive.

Market incumbents, such as Nintex Global Ltd.; Ascertia; DocuFirst; and eOriginal, Inc.; are also investing aggressively in research and development to enhance their product portfolio. Market players are pursuing various strategies to expand their geographical reach and strengthen their foothold in the market. As such, they are particularly focusing on new product developments, mergers and acquisitions, strategic partnerships, and business expansions. Some of the prominent players in the digital transaction management market include:

• Adobe
• DocuSign Inc.
• OneSpan; Kofax Inc.
• Entrust Datacard Corporation.
• Nintex Global Ltd.
• Ascertia
• DocuFirst
• eOriginal Inc

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.